Payday Loans No Credit Check
Are you looking for a payday loan with no credit check? Most authorised and regulated lenders carry out a credit check when they process applications. This is to evidence that they have done sufficient checks to make sure you can afford the repayments. Lending Stream is an FCA Authorised lender, and we always do a credit check. However, we do consider people with poor credit history or past credit history issues. Apply and find out if we can lend to you.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Not all applications will be approved for a loan. An offer of credit is subject to status and affordability checks.
Why choose Lending Stream?
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Direct Lender
Lending Stream is a FCA authorised and regulated direct lender, offering short-term loans without any hidden fees.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Apply online 24/7 with decisions in seconds. If approved, cash is sent to your bank in 90 seconds.*
What are no credit check payday loans?
No credit check payday loans are short term loans where the lender does not perform a credit report or credit score check on the borrower. This type of loan is often considered to be high-risk for everyone involved. For the lender, there’s not as much assurance that the borrower will be able to repay the loan. If you need to borrow money, choosing a lender without checks may not be the best option.
No credit check payday loans are sometimes marketed as helpful for those with no credit file or bad credit. In reality, they can be very harmful.
Lending Stream does not offer no credit check payday loans. We are a short term loans direct lender and believe credit checks are an important part of our application process. This is to make sure that you can comfortably afford the repayments if you take out a loan.
Can I get a loan with no credit check?
You might get a no credit check payday loan with a lender, but you should always check that the lender is authorised by the Financial Conduct Authority. Borrowing from a regulated lender means that the lender has to follow the rules set out by the FCA including things like limiting how much interest you can pay.
Additionally, you can raise complaints if something goes wrong. If the lender is not regulated, you will have less protection and there are no limits on the interest you can be charged.
Lending Stream does not offer loans with no credit check. As a responsible lender, we believe credit checks are an important part of the loan application process. This helps us to assess whether or not the loan is right for you.
Representative 1271%APR
How do I check if I’m eligible for a loan with Lending Stream?
To be eligible for a loan with Lending Stream, you must:
- Have a valid debit card.
- Have an active UK bank account.
- Be a UK resident.
- Be at least 18 years old.
- Be in regular employment with a monthly income of at least £400.
During our application process, we might ask you to show proof of your income. As a responsible lender, we do this to ensure that you can comfortably afford the loan repayments.
Representative 1271%APR
How to apply for a loan with Lending Stream?
At Lending Stream, you can apply online for short term loans. All you need to do is fill out our online application form and give us the following information:
- Some personal details.
- The amount you want to borrow.
- Your employment, salary, expenses, and banking details.
Once we receive your application, we’ll do a credit and affordability check. If approved, the cash will be sent to your bank within 90 seconds*.
Representative 1271%APR
How long do you have to pay back your loan?
You get 6 months to pay back your loan. You can repay early if you want, as our loans are charged at a daily interest rate. So, by paying early you’ll save money on interest. And don’t worry – we don’t charge any early repayment fees either.
What if a lender is offering me payday loans with no credit check?
If a lender offers a payday loan with no credit check, they’re possibly not authorised by the FCA. So you will not have the same protections you would with a regulated lender.
You can check if the lender is authorised and regulated with the FCA on their register.
Disadvantages of payday loans no credit check
1. High Risk
The main disadvantage of payday loans no credit check is that they are high-risk. You may be given a loan you can’t afford to
repay. And if you’re not dealing with a regulated lender, this could lead to serious debt problems.
2. Expensive
The interest rates on no credit check payday loans are likely to be high – even compared to other short-term lenders.
3. Hidden Fees
No credit check payday loans may come with hidden fees and charges. This means that the true cost of the loan may not be clear, which could lead to problems down the line.
4. Unregulated Lenders
Payday loans no credit check are mostly offered by lenders who are not regulated and authorised by the FCA. This means that they are not subject to the same rules as regulated lenders.
FAQs – payday loans no credit check
Is doing a credit check mandatory?
Most FCA registered companies conduct credit checks as part of their standard procedures, although it is not a mandatory requirement. The decision to perform a credit check typically depends on the nature of the services being provided and the individual company’s policies.
Is a no credit check payday loan safe?
No credit check payday loans are high-risk and can be very harmful to borrowers if you don’t borrow from a regulated and authorised lender.